A bill to amend the Internal Revenue Code of 1986 to deny the benefits of certain export subsidies in the case of exports of certain unprocessed timber.

Summary

Amends the Internal Revenue Code to provide that export property eligible for certain tax incentives does not include any unprocessed softwood timber for purposes of: (1) taxation of foreign sales corporations (FSCs); and (2) taxation of domestic international sales corporations (DISCs). Requires any income from the sale of such unprocessed timber which was cut from an area in the United States to be sourced in the United States. Excludes such income from rules under which: (1) gains, profits, and income involving inventory property purchased in the United States but sold or exchanged elsewhere may be sourced foreign; and (2) income derived from the manufacture of products in the United States and their sale elsewhere may be treated as having a divided source. Repeals the deferral for income of the controlled foreign corporation from sales or milling (outside the United States) of unprocessed softwood timber to the extent that any controlled foreign corporation is owned by ten percent or more U.S. shareholders.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 5 May 1993

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 5 May 1993

   Introduced

   Sponsor introductory remarks on measure. (CR S5530-5531)

   Source: IntroReferral

3. 5 May 1993

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 5 May 1993 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 May 1993

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 May 1993

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 5 May 1993

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Bryan, Richard H. [D-NV] · D · Cosponsor
• Sen. Campbell, Ben Nighthorse [R-CO] · D · Cosponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Cosponsor
• Sen. Dorgan, Byron L. [D-ND] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to deny the benefits of certain export subsidies in the case of exports of certain unprocessed timber.